Basic HTML Version
LISI 2011 —
79
— financial report
Company financial statements
3.4
Financial commitments
Financial guarantees given
LISI S.A. has signed letters of intent with banks relating to the
commitments made by some of the Group’s subsidiaries. Moreover,
its agreements with some partners require compliance with financial
covenants.
Commitments given under the terms of the transaction
for the divestiture of LISI COSMETICS
Commitment for compensation granted in favor of the buyer
concerning any reassessments from the tax or environmental
authorities during a period of two years with effect from the date of
divestiture, subject to a deductible of €500k, to exceeding a minimum
threshold of €35k and to an upper limit of €6m.
Reciprocal commitments corresponding to interest rate swaps
LISI S.A. has contracted interest rate swaps intended to hedge it
against an increase in interest rates on variable rate loans. The details
at December 31, 2011 are as follows:
Issuer
Face value
(in €’000)
Fixed rate
Maturity
BNP Paribas
5,000
1.59%
September 2016
BNP Paribas
4,750
1.3925%
September 2016
Société Générale
15,000
2.073%
September 2016
Société Générale
10,000
2.78%
February 2014
BECM
10,000
2.49%
October 2013
3.5
Subsidiaries and holdings
3.5.1 Elements regarding related companies and holdings
(In €’000)
Amount concerning ...
related companies
companies with which the
company has an ownership
relationship
ASSETS:
Receivables related to equity holdings
14,760
–
Debtors and apportioned accounts
2,032
–
Cash advances to subsidiaries
149,655
–
Tax integration current account
9,678
–
LIABILITIES:
Subsidiaries’ financial assistance
53,036
–
Tax integration current account
1,913
–
Suppliers
61
–
INCOME STATEMENT:
IT-maintenance
13
–
Reserves for equity interests
566
–
Sales revenue with subsidiaries
6,164
–
Revenues from subsidiaries’ loans and current accounts
1,756
–
Revenues from equity interest
10,993
–